Lion Rock conducts magnetic survey at Volney
Executive Summary
- Lion Rock Resources released high‑resolution UAV magnetic (exMAG) survey and 3‑D inversion results that enhance the geological model of its gold‑LCT pegmatite system at the Volney project, supporting a forthcoming inaugural drill program.
- The company announced an agreement to sell its Maybrun claims in Ontario, with the purchaser obligated to later issue Lion Rock $200 k worth of common shares if the property is resold within two years.
Key Details
- Survey Findings:
- High‑resolution exMAG data reveal a large, consistent magnetic high along a shear corridor extending >1 km depth, indicating a deep‑seated mineralized system.
- Magnetic signatures around the Rusty shaft correlate with previously reported high‑grade gold samples (up to 189.5 g/t Au).
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Structural mapping identifies key breaks and lithological contrasts that will guide drill targeting for both gold and LCT pegmatite zones.
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Drill Program:
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Drill permitting is in its final stages; inaugural drilling at Volney is expected to commence within weeks, focusing on priority targets defined by the new magnetic data and recent surface sampling.
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Surface Sampling Recap:
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Continuous high‑grade gold horizon over 260 m identified; assay values up to 189.5 g/t Au.
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Maybrun Property Sale Agreement:
- Lion Rock entered into an agreement to sell its Maybrun claims (Ontario, Canada) to an arm’s‑length purchaser.
- Purchaser will use commercially reasonable efforts to resell the property to a publicly listed corporation.
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If resale occurs, purchaser must cause the subsequent buyer to issue Lion Rock fully paid, non‑assessable common shares with an aggregate value of $200,000 on or before the second anniversary of the resale agreement.
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Qualified Person Review:
- Technical content reviewed and approved by Carl Ginn, P.Geo., qualified person under NI 43‑101.
Notable Quotes
“The magnetic survey has revealed a clear contrast between the gold‑bearing mafic host rock and LCT pegmatite system. This will assist our team in extrapolating target areas beyond the main known horizon… We are particularly excited about the upcoming inaugural drill program, with permitting well under way and drilling anticipated to commence in the coming weeks.” – Dale Ginn, President & CEO
Materiality Assessment: Material – Positive (significant exploration data supporting imminent drilling and a property sale agreement that could generate $200 k equity value).